From the following information you are asked to calculate the *gross profit and * gross purchase.
Net sales =2,00,000
Opening stock =32000
Purchase return =12000
Wages=3000
Closing stock =14000
Rent =1000
Gross profit is 25% on cost
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Answer:
Gprofit = 40000
Gpurchase = 140000
Explanation:
Let Cost be x.
200000 - x = x/4
5x/4 = 200000
x = 160000
GP = 40000
GP = Sales + CS + P.R. - OS - D. E. - Purchase
40000= 180000 - P
P= 140000
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